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Grayscale Now Holds $54.3 Billion in Crypto, $41.5 Billion in Bitcoin

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Wed, 10/20/2021 - 09:50
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Yuri Molchan
Largest crypto fund now has crypto worth $54.3 billion in management and it has filed with the SEC to turn its Bitcoin Trust into an ETF
Grayscale Now Holds $54.3 Billion in Crypto, $41.5 Billion in Bitcoin
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Barry Silbert-affiliated Grayscale Investments has spread the word that, as of Oct. 19, the amount of crypto assets under management stands at over $54 billion, with $40.5 billion of its holdings being in Bitcoin.

Grayscale's worth of crypto AUM soars to $54.3 billion

On Oct. 19, the official Twitter account of Grayscale published data about the worth of the company's current crypto holdings. According to the tweet, the largest cryptocurrency investment fund, created by billionaire Barry Silbert's Digital Currency Group, now holds an astounding $54.3 billion worth of crypto under the management of its team.

The company's Bitcoin Trust holds the largest amount of crypto: $40,502.8 million. The second-largest here is Ethereum Trust, at $11,856.4 million.

According to the Bybt service, the total holdings of Grayscale Bitcoin Trust stand at 647,540 BTC. That is currently worth $41,518,451. Shares of the trust, GBTC, are still trading at a negative premium of -16.56%.

Bitcoin has soared above the $63,000 level on the news of the first Bitcoin ETF beginning to trade on the NYSE.

Grayscale buys more LINK and FIL

Bybt also shows that, over the past seven days, the company has purchased more altcoins for its trusts: 8,118 LINK and 2,839 FIL. Over the past month, the amount of FIL tokens added by Grayscale constitutes 24,108 units.

In other news, Grayscale recently launched the OTC trading of three of its altcoin trusts for private investors. Zcash, Stellar and Horizen trusts were launched on the OTCQX over-the-counter market under the following tickers: ZCSH, GXLM and HZEN.

These Grayscale crypto trusts have still been not registered with the Securities and Exchange Commission and are not subject to disclosure.

Apart from that, Grayscale has recently confirmed its intention to convert the Bitcoin Trust into a Bitcoin ETF. This happened after the first-ever Bitcoin futures ETF in the U.S.—by ProShares—started trading on the New York Stock Exchange on Oct. 19. During the first thirty minutes, the ETF traded a whopping $320 million.

Now Grayscale, spearheaded by CEO Michael Sonnenshein, has filed with the SEC to turn its world's largest Bitcoin Trust into a spot BTC exchange-traded fund.

Related
Bitcoin Tops $63K on Strong ETF Debut and Grayscale Filing

Grayscale sells XRP to buy more Bitcoin and Ethereum

Stefan W. Huber, co-president of the Glp Canton of Zug for the Green Liberal Party of Switzerland, has shared some interesting details about Grayscale shutting down its XRP trust at the start of the year. This information is on his LinkedIn page.

According to a screenshot of a document, Grayscale sold its XRP holdings and purchased more Bitcoin and Ethereum with the funds earned on the sale.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.